For its resilience, dynamism and enhanced performance recorded in 2016 financial year despite the challenging operating environment, shareholders of FCMB Group Plc have applauded the bank.
They gave the commendation at the 4th Annual General Meeting (AGM) of the Group in Lagos and unanimously approved the payment of a cash dividend of 10 kobo per ordinary share, which translates to N1.98 billion, for the year ended December 31, 2016.
Business Hilights recalls that FCMB Group is the holding company of First City Monument Bank (FCMB) Limited, FCMB Capital Markets Limited, CSL Stockbrokers Limited and CSL Trustees Limited.
Details show that the audited accounts of the Group for last year showed a Profit Before Tax (PBT) of N16.3 billion, an increase of 109 per cent compared to the N7.8 billion for the same period in 2015.
The results show further that Profit after tax rose to N14.3 billion as against N4.8 billion prior year. Gross revenue as at the end of December 2016 was up by 16% to N176.35 billion from N152.51 billion in the previous year.
Commenting on these developments at the bank’s AGM, Coordinator of Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu, saluted the Board and Management of FCMB Group, including those of its respective subsidiaries, for efficiently running its affairs and the appreciable growth recorded in key operating areas.
According to him, “the overall performance has been very good despite the recession the economy went through during the year under review’’, adding that the ‘’impressive rise in profitability and dividend payment are clear signs that FCMB is resilient, on a stronger footing to overcome the difficult business environment and continually meet the expectations of shareholders and other stakeholders. Overall, we are satisfied with the performance”.
Earlier in his remarks, the Group Chief Executive of FCMB Group Plc and until recently the Group Managing Director of First City Monument Bank Limited, Mr. Ladi Balogun, said the realities of 2016 have been a good test of the resilience of the Bank’s turnaround programme commenced in 2015, adding that, ‘’across most indices, we have recorded progress and we intend to stay this course in the coming year.
These include a stronger balance sheet, accelerated market share in retail banking, enhanced customer experience as a means of growing customer base, alternate channels penetration, support to businesses, containment of operating expense, among others.
The net revenue position of tht FCMB Limited, which is the flagship of FCMB Group, rose by 33 per cent to N112.6 billion as at December 31, 2016 from N84.9 billion, while its loan book grew by 11per cent in nominal terms to N659 billion.
